Managing Money Topic Test

Managing money · MST-11-04

Maths Standard Year 11 · All 2 lessons · MC checkpoint plus separate short-answer practice

L1, GST, Budgeting and Household Expenses L2, Managing Money, Exam Practice
25 MC 8 SA ~55 min
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MC Checkpoint
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Complete the 25 multiple choice questions to unlock a sharper next move. The short-answer section below is separate practice.

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Part A, Multiple Choice (1 mark each, 25 marks total)
1 A jacket is $80 before GST. GST is 10%. What is the GST-inclusive price? L1
A $8
B $72.73
C $88
D $90
C, $88. $80 \times 1.10 = 88$.
2 A GST-inclusive invoice total is $242. What was the pre-GST price? L1
A $220
B $24.20
C $266.20
D $217.80
A, $220. $242 \div 1.10 = 220$.
3 A household earns $1\,250$ and spends $1\,090$ per week. What is the weekly result? L1
A $160$ deficit
B $2\,340$ surplus
C $1\,090$ surplus
D $160$ surplus
D, $160$ surplus. $1\,250 - 1\,090 = 160$, so it is a surplus.
4 A phone plan costs $49 per month. What is the annual cost? L1
A $490
B $588
C $637
D $408
B, $588. $49 \times 12 = 588$.
5 Which item is most likely a fixed household expense? L1
A Rent of $520 per week
B Groceries that change weekly
C Electricity usage charge
D Petrol for different trips
A, Rent of $520 per week. Rent is usually a regular fixed payment.
6 Electricity costs $0.32 per kWh for 480 kWh plus a $54 supply charge. What is the total before GST? L1
A $153.60
B $54.32
C $207.60
D $261.60
C, $207.60. $480 \times 0.32 + 54 = 207.60$.
7 The total before GST is $207.60. What is the GST amount? L1
A $2.08
B $228.36
C $18.87
D $20.76
D, $20.76. GST is 10% of the pre-GST amount.
8 A quarterly rates bill is $390. What is the equivalent weekly amount? L1
A $32.50
B $30.00
C $97.50
D $7.50
B, $30.00. A quarter is 13 weeks, so $390 \div 13 = 30$.
9 Gross income is $68\,000 and deductions are $3\,500. What is taxable income? L2
A $71\,500
B $3\,500
C $64\,500
D $68\,000
C, $64\,500. $68\,000 - 3\,500 = 64\,500$.
10 A worker earns $920 gross and has $184 tax withheld. What is the net pay? L2
A $736
B $1\,104
C $184
D $920
A, $736. Net pay is $920 - 184 = 736$.
11 A yearly surplus of $2\,860 is saved evenly each fortnight. How much is saved each fortnight? L2
A $55
B $110
C $238.33
D $143
B, $110. There are 26 fortnights, so $2\,860 \div 26 = 110$.
12 A store discounts a price from $165 to $132. What is the discount percentage? L2
A $25\%$
B $12\%$
C $33\%$
D $20\%$
D, $20\%$. $33 \div 165 \times 100 = 20\%$.
13 Which operation removes GST from a GST-inclusive price? L2
A Multiply by 1.10
B Subtract 10% of the inclusive price
C Divide by 1.10
D Divide by 0.10
C, Divide by 1.10. The inclusive price is 110% of the pre-GST price.
14 Monthly income is $4\,200 and monthly expenses are $4\,350. What is the annual result? L2
A $1\,800$ deficit
B $150$ surplus
C $150$ deficit
D $1\,800$ surplus
A, $1\,800$ deficit. The monthly deficit is $150$, so yearly deficit is $1\,800$.
15 Provider A charges $38 plus $0.28 per kWh. For 300 kWh, what is the bill before GST? L2
A $84
B $38.28
C $114
D $122
D, $122. $38 + 0.28(300) = 122$.
16 Provider B charges $22 plus $0.34 per kWh. For 300 kWh, what is the bill before GST? L2
A $102
B $124
C $56
D $122
B, $124. $22 + 0.34(300) = 124$.
17 Which provider is cheaper before GST for 300 kWh: A costs $122 and B costs $124? L2
A Provider A by $2
B Provider B by $2
C They cost the same
D Provider A by $246
A, Provider A by $2. $124 - 122 = 2$.
18 A family budgets $180 weekly for food. The actual spend is $205. What variation is this? L2
A $25$ under budget
B $385$ over budget
C $25$ over budget
D $205$ surplus
C, $25$ over budget. $205 - 180 = 25$ over budget.
19 A price includes $17 GST. What was the pre-GST price? L1
A $187
B $170
C $154.55
D $17
B, $170. GST is 10% of pre-GST price, so $17 \div 0.10 = 170$.
20 A subscription costs $18 monthly and another costs $48 quarterly. What is the combined annual cost? L2
A $66
B $264
C $576
D $408
D, $408. $18 \times 12 + 48 \times 4 = 408$.
21 A worker is paid $28.50 per hour for 38 hours. What is the weekly gross pay? L2
A $1\,083
B $750.50
C $1\,121
D $66.50
A, $1\,083. $28.50 \times 38 = 1\,083$.
22 If net pay is $1\,083 - $217, what is the net pay? L2
A $1\,300
B $217
C $900
D $866
D, $866. $1\,083 - 217 = 866$.
23 A bill of $198 includes GST. How much GST is included? L1
A $19.80
B $180
C $18
D $21.78
C, $18. The GST component is one-eleventh of the inclusive price.
24 A weekly saving of $65 is maintained for a year. How much is saved? L2
A $780
B $3\,380
C $3\,120
D $1\,690
B, $3\,380. $65 \times 52 = 3\,380$.
25 Which check best tests whether a GST-inclusive answer is reasonable? L2
A It should be about 10% higher than the pre-GST price
B It should be about 10% lower than the pre-GST price
C It should equal the GST amount
D It should be divided by 52
A, It should be about 10% higher than the pre-GST price. Adding GST increases the pre-GST price by 10%.
Part B, Short Answer (separate practice)
0 L1
A table costs $360 before GST.
(a) Find the GST amount.
(b) Find the GST-inclusive price.
(a) GST $= 0.10 \times 360 = \$36$.
(b) Inclusive price $= 360 + 36 = \$396$.
1 L1
A family receives $1\,520 each week and has expenses of $1\,385 each week.
(a) Calculate the weekly surplus or deficit.
(b) Calculate the annual surplus or deficit.
(a) $1\,520 - 1\,385 = \$135$ surplus.
(b) Annual surplus $= 135 \times 52 = \$7\,020$.
2 L1
An electricity account has a supply charge of $46 and usage of $0.31 per kWh for 520 kWh, before GST.
(a) Find the pre-GST total.
(b) Find the GST-inclusive total.
(a) Usage $= 520 \times 0.31 = \$161.20$. Total $= \$207.20$.
(b) Inclusive total $= 207.20 \times 1.10 = \$227.92$.
3 L2
A worker earns $34 per hour for 35 hours and pays $238 tax.
(a) Find the gross weekly pay.
(b) Find the net weekly pay.
(c) Find the annual net pay.
(a) Gross pay $= 34 \times 35 = \$1\,190$.
(b) Net pay $= \$952$.
(c) Annual net pay $= 952 \times 52 = \$49\,504$.
4 L2
A household pays $440 rent weekly, $220 groceries weekly, $180 electricity monthly and $390 rates quarterly.
(a) Convert electricity and rates to weekly amounts.
(b) Find total weekly expenses.
(a) Electricity weekly $= 180 \times 12 \div 52 \approx \$41.54$. Rates weekly $= 390 \div 13 = \$30$.
(b) Total $= \$731.54$.
5 L2
A GST-inclusive laptop price is $1\,485.
(a) Find the pre-GST price.
(b) Find the GST component.
(a) $1\,485 \div 1.10 = \$1\,350$.
(b) GST $= \$135$.
6 L2
Provider A charges $35 plus $0.29/kWh. Provider B charges $50 plus $0.25/kWh. A household uses 600 kWh.
(a) Find each pre-GST bill.
(b) Decide which provider is cheaper and by how much.
(a) A $= \$209$. B $= \$200$.
(b) Provider B is cheaper by $\$9$.
7 L2
A person plans to save $6\,240 in one year.
(a) Find the required weekly saving.
(b) Find the required fortnightly saving.
(a) Weekly saving $= \$120$.
(b) Fortnightly saving $= \$240$.
Managing Money Complete

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